NVIDIA announced this week a consortium with Wall Street giants including Apollo, Blackstone, BlackRock’s Global Infrastructure Partners (GIP), Brookfield, Goldman Sachs, and KKR, aiming to raise up to $500 billion for AI infrastructure projects covering AI chip procurement, power generation, and data center construction. The financial firms will provide semiconductor leasing financing to technology companies. According to the Financial Times on August 13, the core logic is that AI-driven chip demand will keep chip prices high for longer than most analysts expected. NVIDIA CEO Jensen Huang stated the transaction will create a new asset class with chips as underlying assets, opening the door to the private capital industry, which stands at $22 trillion in scale. The deal structure involves securitizing chip leasing receivables and selling them to debt buyers such as insurance companies. Private capital firms plan to bundle GPU leasing contracts into securities, leveraging funds from insurance asset pools, with some considering special purpose vehicles and tranching chip assets similar to Collateralized Loan Obligations (CLOs). For NVIDIA, Bank of America analyst Vivek Arya noted this week that Wall Street involvement means NVIDIA can gradually exit the "vendor financing" model, where it previously provided guarantees directly to customers. The plan faces fundamental risks, including uncertainty over whether financial institutions can assess the durability of demand and long-term value of NVIDIA chips, given rapid chip technology iteration and fluctuating demand.